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22/11/2011

Lydian International - Armenia : Amulsar on the path to production 2014

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Additional Information
Market: TSX
Sector: Gold Mining
EPIC: LYD
Latest Price: 2.08  (-0.48% Descending)
52-week High: 3.09
52-week Low: 1.96
Market Cap: 256.81M
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Lydian International
www.lydianinternational.co.uk

Lydian International is a mineral exploration and development company with expertise and a proven track record in discovering and developing new gold projects in unfamiliar and frontier settings. The Company is currently focussed on developing its Amulsar gold discovery in southern Armenia. The Amulsar project was a new discovery made by Lydian in 2006 and currently hosts a global resource of 3.2M ounces after its resource update in January 2012. This resource update comprises a total of 1.7 million ounces gold in the indicated category and 0.6 million ounces gold in inferred category (using a 0.4g/t cut-off) from the contiguous Tigranes and Artavasdes areas and 0.5 million ounces gold in the indicated category and 0.4 million ounces inferred category from the Erato prospect which is located approximately 900 meters to the north of Tigranes-Artavasdes. The project remains open in all directions and is currently advancing towards Bankable Feasibility with full production due in the first half of 2014.

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Lydian International increases Amulsar gold resource to 3.2 mln ounces

23rd Jan 2012, 1:22 pm by Jamie Ashcroft
The new estimate adds a further 700,000 ounces of gold to the project’s total resource, which now stands at 3.2 million ounces The new estimate adds a further 700,000 ounces of gold to the project’s total resource, which now stands at 3.2 million ounces

Lydian International (TSE:LYD) today unveiled a new updated resource estimate for the Amulsar gold project in Armenia.

The new estimate adds a further 700,000 ounces of gold to the project’s total resource, which now stands at 3.2 million ounces. 

“This is clearly another significant step in resource development at Amulsar but it is not the end of the story," said chief executive Tim Coughlin.

"Despite 90,000 meters of drilling the resource remains open in all directions. 

"Add to that the largely untested potential at newly identified prospect areas such as Orontes which is about a kilometre away from the resource shell towards the southwest and this coming 2012 drill season should provide further excitement".

The resource upgrade follows 35,000 metres of drilling at the project. And it is made up of mineralisation from Amulsar's three most advanced deposits – Tigranes, Artavasdes and Erato.

Today’s updated resource statement comprises indicated resources of 68.2 million tonnes at 1.0 grams per tonne (g/t) gold and 36.1 million tonnes of inferred resources at a grade of 0.9 g/t.

This gives Amulsar 2.1 million ounces of contained gold in the indicated category and 1.1 million ounces in the inferred.

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